Tag: Kotak Mahindra Bank

IndustryLatest Stories

Uday Kotak Named Chairman of GIFT City, Gujarat

MUMBAI: Uday Kotak, a veteran banker, has been appointed as the chairman of GIFT City in Gujarat, succeeding former bureaucrat Hasmukh Adhia, as per a government announcement. GIFT City, or Gujarat International Finance Tec-City, aims to attract global capital with its favorable tax regulations, competing with established financial hubs like Singapore and Dubai. Earlier this month, the federal government extended the tax holiday for businesses setting up in GIFT City to 20 years. Uday Kotak is the largest stakeholder in Kotak Mahindra Bank, with a diverse financial portfolio that includes alternative investments, asset management, and insurance. Published On Feb 14,…

IndustryLatest Stories

Gaurs Group Secures ₹440 Crore via Non-Convertible Debentures

NEW DELHI: Gaurs Group has successfully completed its inaugural public offering of non-convertible debentures (NCDs), raising ₹440 crore, and the issue has been fully subscribed. Three mutual funds participated in the subscription. The debentures were issued by Gaursons India, the parent company of Gaurs Group, and will be traded on the National Stock Exchange (NSE). Kotak Mahindra Bank served as the sole arranger for this transaction. “This gives us enhanced flexibility to foster growth while ensuring a sound capital structure,” remarked Sarthak Gaur, director of the company. The entire process was concluded over a span of nearly three months. The…

IndustryLatest Stories

Blackstone to Acquire Majority Stake in Ritz-Carlton Bengaluru

BENGALURU | MUMBAI: US investment firm Blackstone is set to acquire up to a 55% stake in the Ritz-Carlton Bengaluru from Nitesh Land. Sources indicate that Blackstone’s stake acquisition of 51-55% could cost approximately ₹600-700 crore, valuing the 277-room luxury hotel between ₹1,200 and ₹1,400 crore. The hotel, managed under the Ritz-Carlton brand by Marriott International, generated earnings before interest, taxes, depreciation, and amortisation of ₹105 crore for FY25. “Blackstone will purchase the stake in Nitesh Residency Hotel, the owning entity. The agreement is signed and expected to finalize within this quarter,” shared an anonymous source. Post-transaction, Nitesh Shetty, founder…

Housing FinanceLatest Stories

Banks Boost Loans to Wealthy for Mortgage Growth

MUMBAI: To spark mortgage growth, banks are focusing on the luxury housing market, designing tailored loan products to cater to increasing demand for high-end properties in major cities and their affluent suburbs. “The premium segment continues to thrive, and that is where the growth lies,” stated Manu Singh, head of housing finance at Kotak Mahindra Bank. “Buyers are seeking larger, luxury homes, often looking for second or third residences in Alibaug or Gurgaon. We view home loans as relationship products; our goal is to be a trusted banking partner for the affluent throughout this journey.” In Mumbai and Delhi, luxury…